Incorporators - Number - Residence qualifications

Any number of persons, not less than twenty (20), a majority of whom are bona fide residents of this state, by complying with this chapter, may become, together with others who may thereafter be associated with them or their successors, a body corporate for the purpose of carrying on the business of mutual insurance as provided in this chapter. Acts 1919, ch. 108, § 1; Shan. Supp., § 3369a58b5; Code 1932, § 6317; T.C.A. (orig. ed.), § 56-1701. Any number of persons, not less than twenty (20), a majority of whom are bona fide residents of this state, by complying with this chapter, may become, together with others who may thereafter be associated with them or their successors, a body corporate for the purpose of carrying on the business of mutual insurance as provided in this chapter. Acts 1919, ch. 108, § 1; Shan. Supp., § 3369a58b5; Code 1932, § 6317; T.C.A. (orig. ed.), § 56-1701.